Carmakers cut output as Europe sales fall 26 percent. Volkeswagen's Spanish auto maker Seat are the latest company to announce temporary production halts in response to falling sales. Global recession and tighter credit has hurt sales as people have not b

In a bid to get the economy back on track the Federal Reserve slashed its key interest rate to almost zero. Policymakers made other bold steps, including plans to purchase assets in the market in order to raise prices and lower yields, which should lower